<p>尽管面临所有宏观的不确定性，2025 年仍然奖励了在过去几年中发展迅速的链和行业，无论是现实世界资产（RWA）的增长、以实用性驱动的项目，还是 NFT 市场。</p>
<p>也就是说，今年发生了一个重大变化：对私密交易的需求真正激增。隐私区块链已经存在了一段时间，但在 2025 年，投资者对它们的兴趣终于进入了主流。</p>
<p>结果？机构的推动，实际上为该行业 “合法化”。</p>
<h2><strong>ZEC 的第四季度反弹引发隐私币回归</strong></h2>
<p>没有什么能比它们的年初至今表现更能体现隐私的激增。</p>
<p>门罗币 [XMR] 和零币 [ZEC]，这两种顶级隐私代币，在年末的最后一个月中以三位数的涨幅进入，尽管大多数其他资产仍深陷亏损。</p>
<p>事实上，它们现在共同占据了 600 亿美元隐私市场的约 25%，突显了它们的影响力。然而，真正的火花出现在第四季度，当时 ZEC 飙升了 500%，远远超过了 XMR 的 41% 涨幅。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/ZECUSDT_2025-11-30_16-49-40.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/ZECUSDT_2025-11-30_16-49-40.png"/></p>
<p>来源：TradingView (ZEC/USDT)</p>
<p>也就是说，前方的道路并不完全平坦。</p>
<p>目前，ZEC 在连续四周上涨后下跌了 40%。与此同时，批评者迅速将其第四季度的反弹称为 “人为的”，经济学家警告投资者不要被 “协调的代币拉升” 所迷惑。</p>
<p>在这种背景下，Grayscale 首次提交的美国现货 ZEC ETF 申请可能看起来风险太大。然而，这是否可能是隐私币行业现在及未来的第一个迹象？</p>
<h2><strong>隐私币获得首次机构推动</strong></h2>
<p>ZEC 爆炸性反弹的奖励来自 Grayscale 最近的申请。</p>
<p>为了提供背景，Grayscale 已向 SEC 提交了一份 S-3 注册申请，将其现有的 394,400 个零币信托转换为首个跟踪 ZEC 的美国现货 ETF，计划在 NYSE Arca 以 “ZCSH” 代码交易。</p>
<p>这是隐私代币首次获得如此机构推动。换句话说，这使得零币与其他真实使用的数字资产平起平坐，区别在于它将隐私带入主流。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-172659.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-172659.png"/></p>
<p>来源：X</p>
<p>从宏观角度来看，该申请是在 ZEC 面临卖压的情况下提出的。</p>
<p>这有什么重要性？尽管市场担心退出流动性和价格波动，Grayscale 的申请以及 Reliance Group 最近的 ZEC DAT 显示出对该代币的明确长期承诺。</p>
<p>在这种情况下，这一举动可能标志着隐私币的转折点，因为市场开始超越短期波动。问题是：Zcash 的路线图接下来会怎样，机构又在押注什么？</p>
<h2><strong>ZEC 超越投机进入实际应用</strong></h2>
<p>在 2025 年，Zcash 获得了重要的现实世界支持。</p>
<p>例如，Reliance Global Group 显著增加了其 ZEC 持有量，将 ZEC 命名为其数字资产国库（DAT）中的主要数字资产敞口，表明对其长期潜力的信心。</p>
<p>与此同时，Electric Coin Company (ECC) 推进了 Zcash 的核心技术，发布了升级以改善隐私。共同的这些举措增强了 ZEC 在机构和零售用户中的可信度。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-175747.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-175747.png"/></p>
<p>来源：X</p>
<p>以最近的 UXLINK–ZEC 合作为例。</p>
<p>UXLINK 是一个 Web3 平台，为企业和开发者提供构建去中心化应用和区块链服务的工具。该合作将 Zcash 的隐私特性引入这一基础设施。</p>
<p>反过来，这为 ZEC 的实际使用案例打开了大门，突显了隐私币的发展方向。在这种背景下，Grayscale 的上市可能只是隐私币更深层次采用的开始。</p>
<hr/>
<h2><strong>最后的思考</strong></h2>
<ul>
<li><em>ZEC 和其他隐私币正在超越投机，机构支持和实际应用推动了采用。</em></li>
<li><em>Grayscale 首个美国现货 ZEC ETF 的申请标志着日益增长的主流接受度，并为隐私币行业合法化。</em></li>
</ul>

<p>在 2025 年，隐私币如 Zcash（ZEC）和 Monero（XMR）实现了显著增长，其中 ZEC 在第四季度飙升了 500%。尽管存在一些波动，Grayscale 提交了首个美国现货 ZEC ETF 的申请，显示出机构投资者的兴趣。Zcash 还获得了 Reliance Global Group 的实际支持以及与 UXLINK 等公司的合作，增强了其可信度和实际应用。这标志着隐私币的转折点，从投机走向主流接受和采用</p>

<p>Despite all the macro FUD, 2025 still rewarded chains and sectors that have evolved a lot over the past few years, whether its Real-World Assets (RWA) growth, utility-driven projects, or the NFT marketplace.</p>
<div class="lb-trans"><p>尽管面临所有宏观的不确定性，2025 年仍然奖励了在过去几年中发展迅速的链和行业，无论是现实世界资产（RWA）的增长、以实用性驱动的项目，还是 NFT 市场。</p>
</div><p>That said, one big shift happened this year: Demand for private transactions really took off. Privacy blockchains have been around for a while, but in 2025, investors’ interest in them finally went mainstream.</p>
<div class="lb-trans"><p>也就是说，今年发生了一个重大变化：对私密交易的需求真正激增。隐私区块链已经存在了一段时间，但在 2025 年，投资者对它们的兴趣终于进入了主流。</p>
</div><p>The result? An institutional boost, effectively “legitimizing” the sector.</p>
<div class="lb-trans"><p>结果？机构的推动，实际上为该行业 “合法化”。</p>
</div><h2><strong>ZEC’s Q4 rally sparks a privacy coin comeback</strong></h2>
<div class="lb-trans"><h2><strong>ZEC 的第四季度反弹引发隐私币回归</strong></h2>
</div><p>Nothing shows the surge in privacy better than their YTD performance.</p>
<div class="lb-trans"><p>没有什么能比它们的年初至今表现更能体现隐私的激增。</p>
</div><p>Monero [XMR] and Zcash [ZEC], the top two privacy tokens, are heading into the final month of the year with triple-digit gains, standing out while most other assets stay deep in the red.</p>
<div class="lb-trans"><p>门罗币 [XMR] 和零币 [ZEC]，这两种顶级隐私代币，在年末的最后一个月中以三位数的涨幅进入，尽管大多数其他资产仍深陷亏损。</p>
</div><p>In fact, together, they now make up about 25% of the $60 billion privacy market, highlighting their influence. The real fireworks, however, came in Q4, when ZEC surged 500%, far outpacing XMR’s 41% gain.</p>
<div class="lb-trans"><p>事实上，它们现在共同占据了 600 亿美元隐私市场的约 25%，突显了它们的影响力。然而，真正的火花出现在第四季度，当时 ZEC 飙升了 500%，远远超过了 XMR 的 41% 涨幅。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/ZECUSDT_2025-11-30_16-49-40.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/ZECUSDT_2025-11-30_16-49-40.png"/></p>
<p>Source: TradingView (ZEC/USDT)</p>
<div class="lb-trans"><p>来源：TradingView (ZEC/USDT)</p>
</div><p>That said, the road ahead isn’t exactly smooth.</p>
<div class="lb-trans"><p>也就是说，前方的道路并不完全平坦。</p>
</div><p>Currently, ZEC is down 40% after four straight green weeks. Meanwhile, critics were quick to call its Q4 rally “artificial,” and economists have warned investors not to get caught up in “coordinated token pumps.”</p>
<div class="lb-trans"><p>目前，ZEC 在连续四周上涨后下跌了 40%。与此同时，批评者迅速将其第四季度的反弹称为 “人为的”，经济学家警告投资者不要被 “协调的代币拉升” 所迷惑。</p>
</div><p>Against this backdrop, Grayscale’s SEC filing for the first-ever U.S. spot ZEC ETF might look too risky. However, could it instead be the first sign of where the privacy coin sector is now and where it’s headed?</p>
<div class="lb-trans"><p>在这种背景下，Grayscale 首次提交的美国现货 ZEC ETF 申请可能看起来风险太大。然而，这是否可能是隐私币行业现在及未来的第一个迹象？</p>
</div><h2><strong>Privacy coins get their first institutional boost</strong></h2>
<div class="lb-trans"><h2><strong>隐私币获得首次机构推动</strong></h2>
</div><p>The reward for ZEC’s explosive rally came from Grayscale’s recent filing.</p>
<div class="lb-trans"><p>ZEC 爆炸性反弹的奖励来自 Grayscale 最近的申请。</p>
</div><p>For context, Grayscale has submitted an S‑3 registration with the SEC to convert its existing 394,400‑coin Zcash Trust into the first U.S. spot ETF tracking ZEC, set to trade on NYSE Arca under the ticker “ZCSH.”</p>
<div class="lb-trans"><p>为了提供背景，Grayscale 已向 SEC 提交了一份 S-3 注册申请，将其现有的 394,400 个零币信托转换为首个跟踪 ZEC 的美国现货 ETF，计划在 NYSE Arca 以 “ZCSH” 代码交易。</p>
</div><p>This is the first time a privacy token has received such an institutional boost. To put it in perspective, it puts Zcash on par with other real-use digital assets, the difference being that it brings privacy to the mainstream.</p>
<div class="lb-trans"><p>这是隐私代币首次获得如此机构推动。换句话说，这使得零币与其他真实使用的数字资产平起平坐，区别在于它将隐私带入主流。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-172659.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-172659.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>On the macro side, the filing comes despite ZEC’s selling pressure.</p>
<div class="lb-trans"><p>从宏观角度来看，该申请是在 ZEC 面临卖压的情况下提出的。</p>
</div><p>Why does it matter? While the market has worried about exit liquidity, and price swings, Grayscale’s filing, along with the recent ZEC DAT from the Reliance Group, shows a clear long-term commitment to the token.</p>
<div class="lb-trans"><p>这有什么重要性？尽管市场担心退出流动性和价格波动，Grayscale 的申请以及 Reliance Group 最近的 ZEC DAT 显示出对该代币的明确长期承诺。</p>
</div><p>In this context, the move could mark a turning point for privacy coins, as the market starts looking beyond short-term volatility. The question is: What’s next for Zcash’s roadmap, the one institutions are betting on?</p>
<div class="lb-trans"><p>在这种情况下，这一举动可能标志着隐私币的转折点，因为市场开始超越短期波动。问题是：Zcash 的路线图接下来会怎样，机构又在押注什么？</p>
</div><h2><strong>ZEC moves beyond speculation into practical applications</strong></h2>
<div class="lb-trans"><h2><strong>ZEC 超越投机进入实际应用</strong></h2>
</div><p>In 2025, Zcash gained important real‑world backing.</p>
<div class="lb-trans"><p>在 2025 年，Zcash 获得了重要的现实世界支持。</p>
</div><p>For instance, Reliance Global Group significantly increased its ZEC holdings, naming ZEC as its primary digital‑asset exposure in its Digital Asset Treasury (DAT), signaling confidence in its long-term potential.</p>
<div class="lb-trans"><p>例如，Reliance Global Group 显著增加了其 ZEC 持有量，将 ZEC 命名为其数字资产国库（DAT）中的主要数字资产敞口，表明对其长期潜力的信心。</p>
</div><p>Meanwhile, Electric Coin Company (ECC) advanced Zcash’s core tech, releasing upgrades to improve privacy. Together, these moves strengthened ZEC’s credibility among both institutional and retail users.</p>
<div class="lb-trans"><p>与此同时，Electric Coin Company (ECC) 推进了 Zcash 的核心技术，发布了升级以改善隐私。共同的这些举措增强了 ZEC 在机构和零售用户中的可信度。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-175747.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/11/Screenshot-2025-11-30-175747.png"/></p>
<p>Source: X</p>
<div class="lb-trans"><p>来源：X</p>
</div><p>Take the recent UXLINK–ZEC partnership, for example.</p>
<div class="lb-trans"><p>以最近的 UXLINK–ZEC 合作为例。</p>
</div><p>UXLINK is a Web3 platform that provides businesses and developers with tools to build decentralized applications and blockchain-based services. The partnership brings Zcash’s privacy features into this infrastructure.</p>
<div class="lb-trans"><p>UXLINK 是一个 Web3 平台，为企业和开发者提供构建去中心化应用和区块链服务的工具。该合作将 Zcash 的隐私特性引入这一基础设施。</p>
</div><p>In turn, this opens the door for real-use cases for ZEC, highlighting the direction privacy coins are heading to. Against this backdrop, Grayscale’s listing could be just the beginning of deeper adoption for privacy coins.</p>
<div class="lb-trans"><p>反过来，这为 ZEC 的实际使用案例打开了大门，突显了隐私币的发展方向。在这种背景下，Grayscale 的上市可能只是隐私币更深层次采用的开始。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后的思考</strong></h2>
</div><ul>
<li><em>ZEC and other privacy coins are moving beyond speculation, with institutional backing and real-world use cases driving adoption.</em></li>
<li><em>Grayscale’s first-ever U.S. spot ZEC ETF signals growing mainstream acceptance and legitimizes the privacy-coin sector.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>ZEC 和其他隐私币正在超越投机，机构支持和实际应用推动了采用。</em></li>
<li><em>Grayscale 首个美国现货 ZEC ETF 的申请标志着日益增长的主流接受度，并为隐私币行业合法化。</em></li>
</ul>
</div>

ZEC 及隐私币的未来：ETF、合作伙伴关系与应用